Dogecoin slid 32% from its all-time high after a red-hot rally.- The meme cryptocurrency has been boosted by celebrities including
Elon Musk . - But the remarkable run hit a roadblock on Thursday, as buying faltered.
Dogecoin dropped over Wednesday night and into Thursday morning as the red-hot rally in the joke cryptocurrency faltered.
The coin was down 11% to $0.28044 in the 24 hours to 9.55 a.m. ET, according to CoinGecko. That was 32% off the record high of $0.41888 reached on Tuesday.
Despite the fall, Dogecoin remained 375% higher than 14 days earlier. It had climbed 14,200% over the year to Thursday.
The breakneck rally in a cryptocurrency that was started as a joke in 2013 has astounded traditional financial analysts.
Dogecoin has benefited from the frenzy around
But a groundswell of support for Dogecoin built up on the internet in recent days, boosted by celebrities such as Elon Musk. It has drawn comparisons to GameStop, the video game store whose stock traders organizing themselves on Reddit pumped up in January.
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“Volatility is a double-edged sword, though, and prices ramping up quickly in strong days can fall back very quickly.”
Neil Wilson, chief market analyst at trading platform